UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
As previously reported, on June 17, 2023, SVB Financial Group (the “Company”) entered into a definitive purchase agreement (the “Purchase Agreement”) with the management team bidder group led by Jeff Leerink, SVB Securities’ Chief Executive Officer and Founder, and backed by funds managed by The Baupost Group L.L.C. (the “Purchaser Group”), for the sale of its investment banking business, SVB Securities LLC (“SVB Securities”). The Purchase Agreement for the management-led buyout was selected and approved as the successful bid for SVB Securities following a competitive bidding process conducted under procedures approved by the U.S. Bankruptcy Court for the Southern District of New York.
On October 2, 2023, the Company completed the sale of SVB Securities (now named Leerink Partners LLC) to the Purchaser Group. Under the terms of the Purchase Agreement, the acquisition from the Company included a combination of cash, repayment of an intercompany note, the assumption of certain liabilities (including significant deferred compensation obligations), and a 5% equity instrument in the buyer entity.
On October 2, 2023, the Company issued a press release announcing the completion of the SVB Securities sale. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 7.01 by reference.
The information contained in this Item 7.01 is being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 99.1 | Press Release of SVB Financial Group Announcing Sale of Investment Banking Business to Management Team Group, dated October 2, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SVB Financial Group (Company) | ||||||
| Date: October 3, 2023 | By: | /s/ Nicholas Grossi | ||||
| Name: | Nicholas Grossi | |||||
| Title: | Interim Chief Financial Officer | |||||